09:30Going global: Navigating a new normal
Even before COVID-19 hit, the private equity industry was facing multiple challenges, from US-China tensions to Brexit, while the stream of capital entering the asset class was pushing up valuations. The market has since been turned on its head. Valuations might have come off, but are managers in a position to act? Addressing problems with existing portfolios is the priority; then it remains to be seen when conditions are stable enough to consider new deals. Seasoned investors share their outlook.
- What issues keep managers awake at night?
- How have theses and practices changed in response to the pandemic?
- Will there be a surge in distress opportunities?
- What will the recovery look like and where will it begin?
Discussion and Q&A
10:30Japan update: State of the market
Japan is known within Asian private equity for its relative stability and countercyclical qualities. For the most part, returns in recent years have been strong. Competition in the upper tiers has intensified as global GPs have ramped up their local presence and domestic managers look to raise larger funds. COVID-19 will likely prompt a reassessment. Even though Japanese banks are likely to be accommodating on deal financing, the prospects for certain sectors are fundamentally changed. Our panellists identify threats and opportunities.
- What impact is the pandemic having on fundraising?
- Which sectors are most attractive right now?
- What operational challenges do GPs face?
- Is there enough local private equity talent?
Discussion and Q&A
12:00The middle market: Changing dynamics?
Time is on the side of Japan’s middle market. Ageing company owners confronted by succession problems are a longstanding source of deal flow. As these founder-entrepreneurs become more familiar with the asset class – and see their peers profit from partnerships with external investors – they are more amenable to private equity advances. The succession phenomenon could be accelerated by an economic downturn, but investors must still come armed with convincing value creation plans. A selection of local experts give their prognoses.
Gregory R. Hara
- Valuations and expectations – how have they changed?
- Who are the sellers – ageing founders or serial entrepreneurs?
- Does intermediation necessarily result in more competitive processes?
- What can managers do to differentiate their value proposition?
Chief Executive and Managing Partner and Chairman of the Investment Committee, J-STAR CO., LTD
Discussion and Q&A
14:30The big end of town: The art of buyouts
Expectations of increased large-cap deal flow have spurred global GPs to focus more intently on Japan. COVID-19 might speed up this process as domestic conglomerates refocus on their primary business operations and divest non-core assets. It remains to be seen how quickly the market can deliver – probably a handful of distress-driven sales and a longer tail of transactions initiated by companies that can wait for the macroeconomic situation to normalize – and how much investors will have to pay to play.
- What does the pipeline look like for 2021?
- How do you get comfortable with valuations?
- What can GPs do to establish a competitive edge before an auction?
- Which value creation levers are most useful in Japan?
Head of Special Situations and Managing Director of Buyout, JAPAN POST INVESTMENT CORPORATION
Discussion and Q&A
15:30LP portfolio construction: Entering alternatives
When head-hunters are looking for Japanese-speaking investor relations executives, you know that Tokyo has become a fundraising hotspot. Local LPs are building up exposure to alternatives, relying on third-party advisors and gatekeepers or accumulating in-house investment talent. It is not an easy task, especially for those with limited resources. Our panellists offer insights into best practices across strategy development, recruitment, manager selection, portfolio construction and oversight, and how they have sought to protect their interests during the pandemic.
- What should LPs consider when appointing advisors?
- How do you set up reporting and analytics to allow good program visibility?
- What are the most common mistakes made by newcomers to alternatives?
- How have priorities changed since the start of the year?
General Manager, Foreign Equity & Alternative Investment Department, NIPPON LIFE INSURANCE COMPANY
Discussion and Q&A
09:30Asia spotlight: Developing a regional program of winners
Stretching from New Zealand to India, Asia is an idiosyncratic collection of languages, cultures, economies and commercial environments. Within private equity, pan-regional funds are the most straightforward means of getting a piece of most of them. But some LPs want more nuanced exposure, based on their risk-return expectations and their assessments of which geographies – or indeed fund sizes and strategies – are most likely to shine. In this session, experts drawn from across the region debate the merits of different approaches.
- COVID-19 aside, what are the biggest challenges facing Asia?
- Are developed market buyouts preferable to emerging markets growth equity?
- Where can the best returns be found in venture capital?
- Which geographies and sectors are most resilient in a downturn?
Discussion and Q&A
10:30Early stage awakening: Venture goes big in Japan
In 2018, the Japanese government outlined plans to create 20 unicorns within five years. Since then, Mercari has gone public, having earlier crossed the $1 billion threshold, while three more start-ups – Preferred Networks, Liquid Group, and SmartNews – have achieved unicorn status. However, a domestic VC ecosystem poised to go into overdrive has been thrust into a period of uncertainty. There are no guarantees that even the worthiest start-ups will be able to raise follow-on funding although the best bets look to be in the scientific/deep-tech space, where there have been a number of successful investments like PeptiDream, and B2C and B2B technologies. Our panellists consider next steps.
- How big can a Japanese start-up become without going global?
- What can local GPs do to help facilitate later-stage funding rounds?
- Are companies pursuing IPOs too early in their lifecycles?
- How has the pandemic changed Japan VC?
- Can scientific/deep-tech Japanese startups transcend country border?
Co-founder, Managing Partner, President & Representative Director, THE UNIVERSITY OF TOKYO EDGE CAPITAL PARTNERS CO. LTD.
Discussion and Q&A
14:00Credit: Still riding the wave
Credit retains its appeal among Japanese institutional investors – and many of their global peers as well – for its consistent, yield-based returns and its in-built downside protection. While those with existing exposure to subordinated debt should look carefully at their portfolios, the pandemic is likely to create a swath of new lending opportunities. Companies caught in a financing void, unable to tap banking or capital markets channels, will re-evaluate alternative credit solutions. Experts analyse a fast-growing industry vertical.
- Where will be best the opportunities in the next 12 months?
- How does the opportunity set change based on the point in the cycle?
- Are large global credit players destined to dominate the market?
- What have the returns been like – globally and for Asia specifically?
Discussion and Q&A
15:00LP spotlight: Where, when and how?
An LP’s approach to private equity is often a function of maturity and size. Experience and existing exposure to the asset class shape future preferences. Risk appetite will also be impacted by internal resources, specifically the ability to underwrite and maintain oversight of a portfolio. And then then quantum of capital that can be committed dictates the mode of entry – co-mingled products, separately managed accounts or direct fund investments. A group of experienced LPs discuss how their programs have evolved.
- Should investment theses change post-COVID-19?
- How should LPs think about geographical exposure and home market bias?
- What internal resources are required to be an effective co-investor?
- How do you assess technology risk across a portfolio?
Discussion and Q&A
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Heads Japan Post Bank's nascent private equity investment program and is responsible for all aspects of its creation and construction. Prior to joining Japan Post Bank in February 2016, spent most of his career at Nippon Life Insurance Company, where he was portfolio manager establishing and leading Nippon Life's private equity operations out of its US subsidiary and also was Head of Product Development at Nissay Asset Management Co. the asset management subsidiary of Nippon Life just prior to joining Japan Post Bank, among other various roles he held there.
He has a Bachelor of Law degree from the University of Tokyo, LL.M. from the University of Michigan Law School, has passed the New York Bar Exam and also is a Chartered Member of the Security Analysts Association of Japan.
Sam Robinson is Managing Partner of North-East Private Equity Asia, which focuses on Asia private equity funds. Mr. Robinson is based in Singapore and has worked in private equity since 1998, initially joining Schroder Ventures in the UK. In 2001, he was one of the founder members of SVG Advisers, a fund of funds business, where he managed the global investment team. SVG Advisers was acquired by Aberdeen Asset Management in 2013, whereupon Mr. Robinson became Head of Asia Private Equity Fund Investment until his departure in 2015.
Mr. Beaton is a Partner of Lexington Partners where he leads the firm’s Asian activities and manages Lexington’s Hong Kong office. Mr. Beaton is engaged in the origination and evaluation of secondary purchases of non-U.S. private equity and alternative investments as well as raising capital for Lexington funds from investors in the region. Prior to moving to Hong Kong in 2011 to open the Lexington office, he spent eight years as an investment professional in London with Lexington. Mr. Beaton was previously an analyst in investment banking at Morgan Stanley. Mr. Beaton graduated from the University of Strathclyde in Glasgow with an LLB (Honors) and Universität Hamburg and Universidad Complutense de Madrid with a European masters in economics and law.
Patrick Boocock is a Managing Partner and responsible for Brookfield’s investment and asset management activities across Asia.
Mr. Boocock brings 20 years of private equity and infrastructure investment and operational experience to the role. Mr. Boocock joined Brookfield in 2009 and has held a number of senior roles, including Chief Financial Officer of Brookfield’s global construction company and Managing Director of an Australian natural gas transmission and distribution portfolio where he was responsible for the restructuring and ultimate sale of the group. Prior to joining Brookfield, Mr. Boocock held various senior positions in the infrastructure financing and development sector in Canada.
Mr. Boocock is a Chartered Accountant (Canada), Certified Public Accountant (United States), and received a Bachelor of Commerce (Honours) from McMaster University in Canada.
Alicia Gregory is currently Head of Private Equity at Future Fund, Australia’s Sovereign Wealth Fund where she has responsibility for in excess of $22bn in assets invested in private equity. Prior to that she worked for MLC for 17 years, most recently as Head of Private Equity.
Alicia has over 20 years’ experience in the financial services sector and holds a Bachelor of Business from University of Technology, Sydney, is a CFA charterholder and has completed the General Management Programme at INSEAD.
Raymond Svider is the Chairman and a Partner of BC Partners, a large international private equity firm with over $30bn assets under management. He joined the Firm in 1992 and is currently based in New York.
Over the years, Raymond has participated and led investments in a number of sectors including TMT, healthcare, industrials, business services, consumer and retail. He is currently Executive Chairman of PetSmart, Chairman of the Board of Chewy, Inc (NYSE “CHWY”), Chairman of the Advisory Board of The Aenova Group, and also serves on the boards of Altice USA (NYSE “ATUS”), Intelsat (NYSE "I"), Navex Global, GFL Environmental (NYSE/TSX “GFL”), GardaWorld, Presidio, Inc. and Cyxtera Technologies. Raymond previously served as a Director of Accudyne Industries, Teneo Global, Office Depot, Multiplan, Unity Media, Neuf Cegetel, Polyconcept, Neopost, Nutreco, UTL and Chantemur.
Raymond is also on the Boards of the Mount Sinai Children's Center Foundation in New York and the Polsky Center Private Equity Council at the University of Chicago.
Raymond received an MBA from the University of Chicago and an MS in Engineering
Toru Masuda, Corporate Officer (Alternative Investment), joined the Bank in 1988. Prior to responsible for private equity investment in 2000, Mr. Masuda was responsible for managing corporate and emerging market investment portfolio for the Bank in London since 1996. Prior to London Branch, Mr. Masuda spent four years for M&A Advisory, direct investments in and business support for venture companies in Japan and business matching. Also he has spent a few years for international business and administration. Mr. Masuda graduated Osaka University.
Tatsuo Kawasaki is one of the founding Partners of Unison Capital founded in 1998. His investment experience ranges from retail, service, food, financial service, to manufacturing sector. Prior to joining Unison, he worked for Goldman Sachs Japan, McKinsey, and NextCard, an online credit card venture based in San Francisco. He holds a B.A. in Economics from Keio University and an M.B.A. from the Harvard Graduate School of Business Administration.
Mr. Yuichi Hiromoto has been CEO of JIS Fund II since 2016, and he had also joined in JIS as a part time director overseeing the JIS Fund I since 2010. He has more than 25 years of widely-ranged investment experiences at Mitsubishi Corporation as EVP, Group COO at Industrial Finance, Logistics & Development Group, SVP, Division COO at Industrial Finance Division, as well as founder & CEO at Mitsubishi Corp.-UBS Realty, one of the largest J-REIT asset managers in Japan. During that time, he was a director of the Investment Trusts Association as well as chairperson of the Association for Real Estate Securitization's international committee. He earned a bachelor degree of law from the University of Tokyo, and an MBA degree from the Wharton School at the University of Pennsylvania.
Jun Tsusaka is CEO, CIO and Chairperson of the ESG Committee of Nippon Sangyo Suishin Kiko Ltd. (NSSK), an investment firm established in 2014 and focused on Japan’ s middle market. NSSK currently manages five investment funds (including its flagship fund and regional impact funds) on behalf of Japanese and international government and private sector pension plans, institutional investors, endowments and family offices.
Prior to Founding NSSK, from 2006, Jun Tsusaka was a Global Partner, Investment Committee Member and Partner Selection Committee Member for TPG Capital and was responsible for establishing and building up the Japan investment and operating team, which make up the core of NSSK today.
Jun Tsusaka is a graduate of Harvard College and Harvard Business School and has an Advanced Management Certificate in Innovation and Entrepreneurship from MIT. He is a former Business Trustee of Japan’s Bankruptcy Court, is a member of the Keizai Doyukai and Seiwajuku and the President of the Harvard Club of Japan.
Masa Yoshizawa is Representative Director and Partner of The Longreach Group, Inc. (“LGI”) which he co-founded in 2003. LGI is a Tokyo based consulting firm that provides investment consulting services in Japan with a focus on the mature industrial and technology, business services, consumer related sectors, and financial services.
Mr. Yoshizawa’s lead responsibilities include investment strategy, advisory on business development, research, and execution of opportunities in Japan. Mr. Yoshizawa has had key origination and advisory roles in conglomerate divestitures such as the acquisition and exit of OCC Corporation, SANYO Electric Logistics, Hitachi Via Mechanics, Sol-Plus Group, Primo Japan, Nippon Outsourcing Corporation, Kohikan and Fujitsu Component. He is involved in management of the businesses he advises and is a member of the board.
Before founding LGI, Mr. Yoshizawa was Managing Director and Head of Technology and Healthcare Investment Banking at Morgan Stanley in Japan, where he focused on advising large Japanese conglomerates on execution of major carve-outs of non-core businesses in the semiconductor, computer industrial technology and other healthcare related areas. Before joining Morgan Stanley, he spent seven years at Robertson, Stephens & Company as Managing Director and Head of the Tokyo office where he established its start-up operations in Tokyo including investment banking, equity sales and asset management business. Mr. Yoshizawa started his banking career at The Sumitomo Bank, Tokyo.
Mr. Yoshizawa holds a Bachelor of Laws from Hokkaido University and was Valedictorian of his class of 1984. He served as the Chairman of Japan Private Equity Association for two years from September 2015. Mr. Yoshizawa is also a member of Japan Association of Corporate Executives.
Chris is global co-head of the firmwide Alternatives Capital Markets & Strategy (ACMS) Group, which oversees institutional capital markets, capital raising and client strategy for alternative investments, across both direct investing and open-architecture solutions in private equity, credit, real estate, infrastructure, growth equity, ESG and absolute-return strategies. Chris serves on the Partnership Committee, the Merchant Banking Division Corporate Investment Committee, the Americas Inclusion and Diversity Committee, the Hedge Fund and Private Equity Screening Committee and the Board of Advisors of Launch With GS, the firm's commitment to invest in companies and investment managers with diverse leadership.
Prior to the formation of the ACMS Group in 2019, Chris was global head and chief investment officer of the Alternative Investments & Manager Selection Group, leading the group since its formation in 2008. He first joined Goldman Sachs in 1995 in the Leveraged Finance Group, and was named managing director in 2002 and partner in 2008.
Chris is vice chair of the board of The Juilliard School, director of The New York Philharmonic and trustee of Interlochen Center for the Arts. He serves on the investment committees of Collegiate School and The Juilliard School. Chris is also a member of the Council on Foreign Relations, and has served as an adjunct professor at Columbia Business School.
Chris earned a JD, cum laude, from Harvard Law School and is admitted to the New York Bar. He also earned a Bachelor of Commerce from the University of Manitoba and an MPhil in Finance from the University of Cambridge.
Takeuchi joined Mizuho Asset Management in 2015 and led the firm’s initiative to establish a robust private asset investment business. He continued the role at Asset Management One, formed in 2016 by merging 4 investment business units within Mizuho Financial Group and Dai-Ichi Life Group. He regularly meet with managers of Private Equity, Private Debt, Real Estate and Infrastructure and investor clients of Asset Management One. He established Brightrust PE Japan in 2007 and, before this, he was a partner at Konomi, Inc. In 1990s Takeuchi co-headed global derivatives trading at General Re Financial Products, a Berkshire Hathaway company. Takeuchi is a member of PE Study Group at Institute of Strategic Solutions for Pension Management and a member of UNPRI Infrastructure Working Group.
Gregory R. Hara oversees all investment and divestment decisions made at the Firm, as well as its strategic direction. Mr. Hara has been responsible for the investment activity of the Firm since 2006 when he, together with other founding Partners, formed J-STAR Co., Ltd. Before that, Mr. Hara was a Senior Manager of Tokyo based JAFCO Co., Ltd., the largest private equity investment firm. Before that, he was a Vice President of Lehman Brothers Inc, based in Tokyo, and prior to that a Vice President of The Long-Term Credit Bank of Japan, based in Tokyo, Osaka, Hiroshima, and Chicago.
Education / Others
Mr. Hara graduated KEIO University in 1987 in Tokyo with an LL.B in Political Science. He is a C.P.A (Illinois, inactive) and a Chartered Member of the Securities Analysts Association of Japan.
Mr. Kita joined Advantage Partners in 2003 and leads all activities for the Japan Buyout team. Mr. Kita has also directly led many investments including Actus, MEI/Nippon Conlux, CommunityOne, Interac and Katitas. He currently serves as a Director on several investments including Wavedash, Ionic, United Precision Technologies, MP Kitchen, Net Protections, Material Group, Yaruki Switch Group, Cosmolife and Dental Holding.
Prior to joining Advantage Partners, Mr. Kita was at Bain & Company Japan and focused on projects in the auto, finance, telecommunications, food products, trading houses, and healthcare sectors. Mr. Kita holds an undergraduate degree from the Faculty of Economics, the University of Tokyo, and an MBA from University of California, Berkeley.
Megumi Kiyozuka currently serves as the President & Representative Director of CLSA Capital Partners Japan. In this capacity, he is responsible for the overall investment activities of the firm and serves on the board of numerous portfolio companies. Prior to joining the firm in 2006, Mr. Kiyozuka was a Director focused on Japanese buyout opportunities in the consumer, healthcare, and industrial sectors with The Carlyle Group in Tokyo. He spent 6 years at Carlyle and was one of the founding members of Carlyle Japan. Prior to his tenure at The Carlyle Group, he was a Senior Manager at the MUFG Bank, Ltd., where he accumulated over 10 years of experience in M&A and syndicated loans across various countries in Asia. Mr. Kiyozuka received a B.A. in Economics from Shiga University and an M.B.A. from the Haas School of Business, University of California at Berkeley.
T.J. Kono joined Unison Capital in 2002. He has managed a number of investments in Japan since Unison’s first fund, then led Unison’s expansion to Korea as its founding member. Today, he serves as a member of both Japan and Korea Investment Committee. He has been involved in Unison’s investments in Drug Eleven (Japan), Mine-Mart (Japan), UCOM (Japan), Nexcon Technology (Korea), Gong cha (Korea)/Royal Tea Taiwan (Taiwan), and Forbes (Japan). In addition to investment role, he oversees Unison Group’s investor relations functions. Prior to Unison Capital, he worked at Merrill Lynch Japan.
Mr. Kono has a B.S/B.A. from Washington University in St. Louis.
Hiroki has been providing M&A advisory services such as due diligence to PE firms, corporate clients and trading houses since 2004, covering a wide range of projects including acquisition of multinational companies overseas, business integration for companies in Japan, carve-outs, and business successions. More recently, he has led initiatives to support post deal value creation by utilizing financial, digital and operational capabilities as well as sector knowledge.
From 1998 to 2004, he performed audit work for clients and was based in KPMG London office between 2002 and 2004. From 2012 to 2014, he was based in KPMG Moscow office, where he provided support primarily for M&A activities to Japanese trading houses and other companies. He also supported a trading house on a full-time basis between 2016 and 2017 to develop internal M&A team and executed a number of projects.
Tetsuro Onitsuka is a Head of Special Situations and Managing Director of Buyout at Japan Post Investment Corporation, the captive direct investment vehicle of Japan Post Bank and Japan Post Insurance. Prior to joining Japan Post, he was the Head of Japan at TPG, a leading global alternative asset manager, where he spent 10 years covering Japan, Korea and South East Asia. Tetsu received his BA in economics from Harvard College, and his MBA from Harvard Business School, where he was a Baker Scholar.
Atsuhiko Sakamoto is a Senior Managing Director in the Private Equity Group and is based in Tokyo.
Before joining Blackstone, Mr. Sakamoto was a Managing Director at Bain Capital where he focused on private equity investments in Japan. Prior to joining Bain Capital, he was a Vice President and Associate at Ripplewood. Before joining Ripplewood, he worked in the Principal Investment Area at Goldman Sachs.
Mr. Sakamoto received an MBA from Harvard Business School and a BA from Yale University.
Kazuhiro Yamada is a Managing Director and Head of Carlyle Japan buyout advisory team. He is based in Tokyo.
Since joining Carlyle in 2001, Mr. Yamada has played a leading role in several of Carlyle’s successful investments, including Asahi Security Co. Ltd, Kito Corp., Rhythm Corp., Gakusei Engokai Co. Ltd, Covalent Materials Corp., AvanStarte Inc., Walbro Co., Ltd., Simplex Inc．and WingArc1st Inc.
Prior to joining Carlyle, Mr. Yamada was a Senior Vice President of Daiwa Securities SB Capital Markets Co. Ltd (“Daiwa”) where he engaged in cross-border M&A deals along with Lazard Freres. Prior to that, he worked in investment banking for five years, project finance for five years, and commercial banking for five years at Sumitomo Bank (currently "Sumitomo Mitsui Banking Corporation").
Mr. Yamada is a board member at ARUHI Corporation.
Mr. Yamada received a B.S. from the Doshisha University in Kyoto, and completed the Stanford Executive Program at the Stanford Graduate School of Business in 2010.
Eiji Yatagawa (Tokyo) joined KKR in 2006 and is a Partner on the Private Equity team. He is currently on the board of directors of PHC Holdings (formerly Panasonic Healthcare), Transphorm, Koki Holdings (formerly Hitachi Koki), Kokusai Electric (formerly Hitachi Kokusai Electric), and From Scratch. Mr. Yatagawa was also previously involved with KKR’s investments in Unisteel (Singapore), Intelligence, AlphaTheta (formerly Pioneer DJ), and Magneti Marelli CK Holdings (formerly Calsonic Kansei). From 2010 to 2012, he worked in KKR's Hong Kong office. Prior to joining KKR, Mr. Yatagawa was with Goldman Sachs & Co.'s investment banking team, based in New York and Tokyo, where he focused on the telecommunications, media, and technology sector and was involved in a number of mergers and acquisitions as well as financing projects. He holds a B.S. and an M.S. from the University of Tokyo.
Tomoko Kitao is a Managing Director at Hamilton Lane, based in the firm’s Tokyo office, where she is primarily responsible for management support and development of the firm’s client relationships in Japan. Prior to joining Hamilton Lane in October 2012, Ms. Kitao was with the Bank of Tokyo-Mitsubishi UFJ, most recently as Chief Manager in the International Credit Division. Previously, she was Senior Manager in the Structured Finance Division, where she was responsible for managing a portfolio of global private equity fund investments. She also has extensive experience in the Credit Division, having worked out of the bank’s New York and London offices. Ms. Kitao received a B.A. from International Christian University. She is a Chartered Financial Analyst and a member of the CFA Institute and CFA Society Japan. Ms. Kitao currently holds a Sales Representative Qualification Class 1, 2, and an Internal Administrative Qualification with the Japan Securities Dealer Association.
Yoshi Kiguchi focuses innovative strategies and products with the investment horizon structures. He has more than 30 years of experience in investment and risk management.
Before that, Mr. Kiguchi was a managing director of Russell Investments in Japan, where he supervised several teams, and delivered a wide range of consulting and solutions to the institutional clients including Toyota, Fujitsu, NEC, Sekisui, Toray, and Mazda. He joined Russell as a consultant in 1998.
Prior to joining Russell, Mr. Kiguchi was with Sumitomo Life for ten years. He was placed in charge of corporate strategy, equity investments, researching capital markets, including private equities, and performing quantitative risk management and ALM.
B.S., Precision Machinery (Robotics), the University of Tokyo, 1988
She is General Manager of Private Equity Investment in Foreign Equity & Alternative Investment Department of Nippon Life Insurance Company. She is responsible for private equity and private debt investment. She has been with Nippon life since 1996, and she had been responsible for alternative field include ramping up Nippon Life’s international private equity fund investment program since 2003.
Prior to her current role at Nippon Life, she leads wide range of alternative investment including private equity and infrastructure investment both for Nippon Life and third party client.
Yasuyuki Tomita is responsible for new business development and management relating to private equity investment among Development Bank of Japan (DBJ) Group. Prior to his current position, he was Managing Director of Global Investment Management Department at DBJ Asset Management Co., Ltd., where he led global private equity/private debt/infrastructure fund investments for DBJ and Japanese institutional investors. He joined Development Bank of Japan in 1999 and launched asset management business of DBJ Group in 2012. He has approximately fifteen-year experience in alternative investments.
He has a Bachelor of Economics from Tohoku University and an MBA from MIT Sloan School of Management
Yoshitaka Todoroki joined GPIF in March 2016, from Sumitomo Mitsui Asset Management, where he led a newly established team that developed investment opportunities in the alternative space for clients mainly in Japanese pension industry. Before seconded to SMAM from Sumitomo Mitsui Banking Corporation in late 2014, he took a leading role to develop new investment opportunities in the private equity investment market in Asia-Pacific region for the bank and also led a team to establish an infrastructure fund dedicated to Indian market with an Indian local bank and a global infrastructure investor. Before moving to SMBC in 2007, he worked for a Japanese subsidiary of MassMutual Life Insurance as a chief portfolio manager, leading MMJ’s investment activities in corporate bond, securitization products and various alternative fund investment markets. He started his professional career at Sumitomo Trust & Banking (renamed as Sumitomo Mitsui Trust & Banking) in 1987 and long served in the credit investment business area, where he accumulated experiences in corporate, project, municipality and emerging market financing as well as securitization bond/loan investment opportunities in global market, at the bank’s Tokyo head office and its London Branch. During the time, he led analysis for financing infrastructure privatization project in Australia in early to mid ‘90s and developed experience in infrastructure financing in various markets since then. Graduated from Hitotsubashi University, with Bachelor of Commerce in 1987. Completed Investment Management Programme at London Business School in 2002.
Tim Burroughs is managing editor of Asian Venture Capital Journal, having joined the publication in May 2011. He is responsible for all editorial content put out under the AVCJ brand, including Asian Venture Capital Journal, AVCJtv, AVCJ Awards and AVCJ.com. Tim previously spent five years at China Economic Review, serving as editor-in-chief and then editorial director. Located in Greater China since 2003, during which time he has lived in Beijing, Qingdao and Hong Kong, Tim has been a China-based contributor for publications including The Sunday Times, Sunday Telegraph, BBC and China Daily. Prior to moving to China, he trained and worked as a journalist in the UK. He was honored at the Society of Publishers in Asia awards in 2007, 2008 and 2010, and at the State Street Institutional Press Awards - Asia in 2012.
Yar-Ping specializes in Asian pan-regional leveraged buyouts as well as country-focused funds, specifically in Greater China, Japan, Korea, and Indonesia. She leads the Primary Investment Team’s Asian practice, and actively participates in all fund investment decisions and manages relationships with several of Adams Street's managers.
Prior to joining Adams Street, Yar-Ping was a Senior Vice President of GIC Special Investments (GICSI), which is the private equity arm of the Government of Singapore Investment Corporation. She spent more than a decade at GIC and worked in their New York, Redwood City, and Singapore offices. Yar-Ping was the Head of Asia/Emerging Markets based out of Singapore, leading GICSI’s investments in leveraged buyout funds, growth capital funds, and co-investments.
Yar-Ping is a member of the Adams Street Primary Investments Committee.
Stephanie is co-head of the Merchant Banking Division (MBD) in Asia. She is also responsible for global growth equity in MBD. Stephanie serves on the Partnership Committee, Asia Pacific Management Committee, MBD Corporate and Growth Investment Committees, Global Diversity Committee and Asia Pacific Diversity Committee. She is also on the Board of Advisors of Launch With GS, Goldman Sachs’ $500 million commitment to invest in companies and investment managers with diverse leadership.
Stephanie initially joined Goldman Sachs in 1995 as a financial analyst. She worked in the Principal Investment Area in New York and then transferred to Hong Kong in 1997. Stephanie left Goldman Sachs in 1998 to attend graduate school, rejoined the firm as an associate in 2000 and became an executive director in 2003. She was named managing director in 2006 and partner in 2010.
Stephanie serves on the boards of Icon Cancer Care in Australia and Inner Mongolia Fuyuan Dairy in China. She is also a member of the Board of Governors of the China Venture Capital and Private Equity Association, the Board of Directors of Save the Children Hong Kong and Honorary Trustees of The Women's Foundation. Stephanie earned an AB in Biology, summa cum laude, from Harvard College in 1995 and an MBA from Harvard Business School in 2000.
Before establishing Pagoda Capital in 2015, James has been working in private equity and asset management business for nearly 30 years, with extensive working experience in sovereign wealth funds on private equity investment and portfolio construction in various sectors.
James’s professional career include: Managing Director at China Investment Corporation(CIC), responsible for CIC private equity investments globally; Senior Advisor of Queensland Investment Corporation(QIC), worked closely with management on overall strategy and investment portfolio for QIC China Private Equity investments; and a number of senior management positions at global investment banks, such as State Street Corp., JP Morgan Asset Management, and Credit Suisse
James has Bachelor degree in Economics and Finance from RMIT University and Master in Applied Finance from Macquarie University in Australia
Jun Qian is Schroder Adveq’s Head of Investments China and General Manager of Schroder Adveq China. He and his team are responsible for all investments in the region.
Before joining Schroder Adveq in 2015, Jun was a Director at Capital Dynamics China in Shanghai, China. From 2010 to 2013 he was a Partner at Diligence Capital, a private equity fund of fund in Beijing, China. Prior to that, he worked as Project Manager in the Competence Centre Investor Support at Roland Berger Strategy Consultants in Shanghai from 2007 to 2008. Before that, he worked in KPMG KPMG Advisory in Berlin, Frankfurt and Beijing.
Jun holds a Master of Economics & Management Science from the Humboldt-University in Berlin, Germany and a double Bachelor of Science & Technology Foreign Affairs and Environmental Engineering from the Shanghai University, China.
Takao Yamakoshi is a Senior Fund Manager of Private Equity Department at Tokio Marine Asset Management. He is responsible for investment analysis and conducting due diligence; negotiating and reviewing investment vehicle documents; and client servicing. Additionally, Mr. Yamakoshi serves on the advisory boards of several private equity partnerships. Prior to joining TMAM in 2005, Mr. Yamakoshi worked in the traditional investment division at Tokio Marine & Nichido Fire Insurance for 3 years. He received a BS from Sophia University in 2002.
Satoshi Fukushima is Director at Globis Capital Partners (GCP). He leads investments in problem-solving startups with a focus on healthcare and life-style sector as well as fund-raising of GCP 6th fund ($400M). His track record includes Medley (4480) and acting as a board member of AI Medical Services (Endoscopy AI), Kakehashi (SaaS for pharmacies), SDP (Clinic group specializing in surgery), justInCase (Mobile&AI based insurance), White Plus (Online dry cleaning) and Yoriso (Online platform for seniors). Prior to joining GCP in 2014, he worked at Deutsche Securities Inc. where he was acting as FA for SoftBank and other tech-companies’ fundraising and cross-border M&A transactions. He received a B.A. in Economics from the University of Tokyo in 2007.
Tomotaka (“Tommy”) Goji is Co-founder, Managing Partner, President & Representative Director of The University of Tokyo Edge Capital Partners Co. Ltd. (known as “UTEC”), and Managing Director of Japan Venture Capital Association (JVCA). Since the inception of UTEC in April 2004, he has raised and managed four funds totaling over JPY 54 billion (Approx. USD 500 million), built the team, and guided investments, value-up and exits of UTEC portfolio companies. 11 of UTEC portfolio companies were acquired and 12 went public.
These UTEC funds are established on the premise of the Japanese law called "The Limited Partnership Act for Investment" that he authored to enact in 1998 at the then Ministry of International Trade and Industry (MITI, now known as METI: the Ministry of Economy, Trade and Industry) and became the foundation for Japanese venture capital funds thereafter. Tommy was selected to speak on panels in Davos, Switzerland for Japan's Prime Minister Office in February 2018, and in Geneva, Switzerland for United Nations UNCTAD World Investment Forum in October, 2018.
Since 2016, he has also researched on data science to analyze success factors for scientific startups at the University of Tokyo’s School of Engineering.
Tommy graduated from the University of Tokyo’s Faculty of Law in 1996, earned his MBA at Stanford University in 2003, and received his Ph.D. in data science from the University of Tokyo’s School of Engineering in 2020.
Yuka Hata is a Managing Director and heads Fund Investment Team at Japan Investment Corporation (“JIC”).
Ms. Hata joined JIC in July 2020 in order to build and support Japan’ private equity / venture capital ecosystem as well as to provide the risk capital with the investment funds which bring Japan’s industry to the next stage. Prior to joining JIC, as a co-head of private equity, Ms. Hata worked for Nissay Asset Management where she was mainly responsible for European small-mid buyout, GP stake investments, secondary and Japan’s VC funds. She also worked for Nomura Asset Management (or Nomura Private Equity Capital) and managed fund of funds focused on Asia market as a member of Investment Committee.
Ms. Hata is a Chartered Member of the Security Analysts Association of Japan., and received a B.A. in Environmental Information from Keio University and an M.B.A. from Ecole des Hautes Etudes Commerciales-HEC in Paris.
Masashi Kataoka is the Head of Venture Investment Center of Alternative Investment Department at Dai-ichi Life Insurance Company where he heads the venture direct and fund investment team. Prior to his current role, he had led various teams since 2014; hedge fund team, PE / infrastructure / venture team. He worked 4 years until 2014 at Dai-ichi Life’s NY office and led the manager selection / due diligence practice as well as strategic activities with US asset managers. Since joining Dai-ichi Life in 1997, he has about 20-year-experience in investment related sections including Investment Planning Department where he engaged in the asset allocation of entire Dai-ichi Life’s general account asset. He also has an experience working at an US based hedge fund as a trainee in 2007. He earned Bachelor of Economics in Keio University and is a chartered member of Securities Analyst Association of Japan (CMA).
Jesper Koll has been investing in Japan since becoming a resident in 1986. Over the past two decades, Koll has been consistently ranked as one of the top Japan strategists/ economists, having worked as Chief Strategist and Head of Research for major U.S. investment banks J.P. Morgan and Merrill Lynch. His analysis and insights have earned him a position on several Japanese government and corporate advisory committees. In late-2016, Governor Koike appointed Koll to her Tokyo Financial Center Advisory Board. He is also one of the few non-Japanese members of the Keizai Doyukai, the Japan Association of Corporate Executives.
- KPMG FAS Managing Director
- 20 years of M&A and debt financing advisory experience in both the US and Japan
- Prior to joining KPMG in 2020, he oversaw the financial sponsor coverage and leveraged finance group at UBS Securities Japan
- In addition to UBS, he has held senior positions in the leveraged finance groups at Deutsche Securities and Shinsei Bank in Japan. He started his career at Goldman Sachs in New York, and thereafter worked at Nomura Securities Inc. (US) in their M&A advisory group.
- He holds a BS in Finance from New York University
Mr. Hedberg is chief financial officer for CarVal Investors. In addition to leading finance and operations globally for the firm, Mr. Hedberg also manages capital formation activities, including investor relations and fund financing strategy. Mr. Hedberg joined Cargill in 1996 and has held a variety of financial management positions, including serving as global controller for CarVal’s corporate credit business and manager in Cargill’s internal audit department. Prior to joining Cargill, Mr. Hedberg was with Dain Bosworth. Mr. Hedberg received his M.B.A. from the University of St. Thomas and his B.S. in finance, magna cum laude from the University of Colorado.
CarVal Investors is an established global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, our experienced team has navigated through ever-changing credit market cycles, opportunistically investing $123 billion in 5,480 transactions across 82 countries. Today, CarVal Investors has approximately $9 billion in assets under management in in corporate securities, loan portfolios, structured credit and hard assets.
Edward Tong is Head of the Private Debt Asia business unit and Deputy Head of Partners Group's Singapore office. He is a member of the Global Direct Debt Investment Committee. Edward has been with Partners Group since 2013 and has 17 years of industry experience. Prior to joining Partners Group, he worked at ING Bank across London, Hong Kong and Singapore, covering Asian and European leveraged finance and private debt markets. He holds a bachelor’s degree in accounting and finance from the London School of Economics, UK.
Mr. Zito is the Deputy Chief Investment Officer of Credit, a Senior Partner and Co-Head of the Firm’s Global Corporate Credit business. He is the Senior Portfolio Manager of multiple fund products, including the Credit Strategies Fund, Apollo Accord Fund and certain Global Liquid Managed Accounts. He joined Apollo in 2012 after five years as a Managing Director and Portfolio Manager at Brencourt Advisors, a multi-strategy hedge fund, where he oversaw all the firm’s credit investments including the Brencourt Credit Opportunities Fund. Prior to that, he was at Veritas Fund Group for five years where he co-managed the flagship capital structure focused high yield fund and the short only credit vehicle. He is a Chartered Financial Analyst charterholder and he graduated cum laude from Amherst College with an A.B. in Economics.
Tadasu Matsuo joined HarbourVest in 2020 and focuses on enhancing and building relationships with institutional investors and general partners in Japan.
Tadasu joined the firm from Japan Post Insurance where he oversaw their global alternatives investment program, which included private equity, infrastructure and real-estate funds, as well as hedge funds since September 2016. Before joining JP Insurance, he headed Daido Life’s alternative investment, he also engaged in private equity fund investment and headed a business development of Alternative Investment Capital (AIC), a leading private equity FOF manager and gatekeeper in Japan where he was a senior managing director. Prior to joining Daido Life, he held roles as director and managing director and served as an M&A advisor to various insurers’ transactions at PwC Financial Advisory Services Japan from 1999 to 2002.
Tadasu received his MBA from Duke University and BA in Economics from The University of Tokyo. Tadasu speaks fluent Japanese.
Noriko Hayashi is a Director, Alternative Investments Team at ORIX Life Insurance Corporation.
She has been involved in framework building, implementing, portfolio construction and management of a global private markets program for institutional investors with primary focus on Private Equity; currently at ORIX Life, previously at Government Pension Investment Fund (GPIF) and firstly at Sony Life Insurance Co., Ltd., since 2000. She started her career at Mitsubishi Bank, Ltd. (MUFG Bank, Ltd.) where she covered Corporate Finance and Operational Improvement in commercial banking business.
She received a B.A. in Law from Kyoto University.
Tadashi Nishizawa is a Director of Private Equity Investment Department of Japan Post Bank (JPB). He has over 15 years of private equity investment experience. Before joining JPB in 2016, he was the Head of Private Equity Division of Daido Life Insurance Company between 2013 and 2016. Prior to that, he spent about 8 years at Alternative Investment Capital Ltd (AIC), an investment advisory firm in private equity investments, where he was most recently Senior Vice President and involved in the management of more than 100 private equity funds portfolio globally. Earlier in his career, he was with Daido Life Insurance Company where he had been in charge of private equity investments since 2002 as well as foreign government bond investments since 1997. He holds a bachelor’s degree in Economics from Hokkaido University.
Soichi Sam Takata has been with Tokio Marine Asset Management since the creation of the private equity investment team in 2002. Before that, Mr Takata was at Tokio Marine & Nichido Fire Insurance (Tokio Marine) working in their alternative investment team from 1997 to 1998, and again from 2001 onwards, managing a global portfolio of private equity, hedge funds, infrastructure funds, CDOs/CLOs and other alternative assets.
Mr. Takata spent three years at Tokio Marine Capital, Tokio Marine's private equity investment arm, working on management buyout and development capital transactions in Japan. During this period, he also spent time at private equity houses in the US and the UK. Prior to that, he spent over two years on secondment to the Export-Import Bank of Japan (now the Japan Bank for International Cooperation) working on project finance transactions around the world.
Mr Takata began his career in the international investment department of Tokio Marine overseeing an international portfolio of managed assets. He has a BA in economics from Harvard College.
Niinomi is involved to DENSO Pension Fund in 2018. He is responsible for portfolio construction, especially focusing on private assets area.
He joined DENSO Corporation in 2005 and has held various positions in finance division including Investor Relations, Cash management for DENSO subsidiaries, Risk management and financial manager at the regional headquarter in Beijing.
Prior to joining DENSO, he received B.A. in Economics from Kyoto University , joined Tokai Bank, Ltd. (MUFG Bank, Ltd.）and worked at corporate sales division at Shanghai in early 2000s.